First Trust Advisors LP Sells 254,515 Shares of Symbotic Inc. (NASDAQ:SYM)

First Trust Advisors LP cut its holdings in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 41.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 357,262 shares of the company's stock after selling 254,515 shares during the period. First Trust Advisors LP owned approximately 0.06% of Symbotic worth $8,471,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SYM. IFP Advisors Inc raised its holdings in shares of Symbotic by 58.2% during the fourth quarter. IFP Advisors Inc now owns 1,368 shares of the company's stock worth $32,000 after acquiring an additional 503 shares during the period. Private Trust Co. NA acquired a new stake in shares of Symbotic in the 4th quarter valued at about $47,000. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Symbotic in the fourth quarter valued at about $47,000. Jones Financial Companies Lllp lifted its holdings in shares of Symbotic by 154.1% in the fourth quarter. Jones Financial Companies Lllp now owns 2,457 shares of the company's stock valued at $58,000 after purchasing an additional 1,490 shares in the last quarter. Finally, MCF Advisors LLC acquired a new position in shares of Symbotic during the fourth quarter worth about $85,000.

Wall Street Analysts Forecast Growth

SYM has been the topic of several research reports. Citigroup cut their target price on Symbotic from $37.00 to $29.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Needham & Company LLC cut their price objective on shares of Symbotic from $35.00 to $32.00 and set a "buy" rating on the stock in a research report on Thursday, February 6th. Northland Securities increased their target price on shares of Symbotic from $35.00 to $41.00 and gave the stock an "outperform" rating in a report on Friday, January 17th. Oppenheimer began coverage on shares of Symbotic in a research note on Wednesday, January 15th. They issued an "outperform" rating and a $35.00 price target on the stock. Finally, Raymond James downgraded shares of Symbotic from an "outperform" rating to a "market perform" rating in a research note on Thursday, February 6th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Symbotic presently has an average rating of "Hold" and a consensus target price of $37.20.

Insiders Place Their Bets

In related news, insider Maria G. Freve sold 1,929 shares of the company's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $21.69, for a total value of $41,840.01. Following the transaction, the insider now directly owns 2,646 shares in the company, valued at approximately $57,391.74. This represents a 42.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Carol J. Hibbard sold 4,055 shares of the firm's stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $30.70, for a total transaction of $124,488.50. Following the transaction, the chief financial officer now directly owns 44,386 shares in the company, valued at approximately $1,362,650.20. This represents a 8.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 70,721 shares of company stock worth $1,772,384 over the last three months. Insiders own 0.60% of the company's stock.

Symbotic Stock Performance

SYM traded up $1.03 during trading hours on Friday, reaching $23.06. The company's stock had a trading volume of 1,091,067 shares, compared to its average volume of 1,936,565. The company's 50-day moving average is $21.20 and its 200-day moving average is $25.90. Symbotic Inc. has a 52 week low of $16.32 and a 52 week high of $48.98. The firm has a market cap of $13.57 billion, a PE ratio of -329.38, a price-to-earnings-growth ratio of 6.48 and a beta of 1.86.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings data on Wednesday, February 5th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. Symbotic had a negative net margin of 0.38% and a positive return on equity of 5.11%. Equities analysts anticipate that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

About Symbotic

Symbotic Inc, an automation technology company, engages in developing technologies to improve operating efficiencies in modern warehouses. The company automates the processing of pallets and cases in large warehouses or distribution centers for retail companies. Its systems enhance operations at the front end of the supply chain.